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You are facing a sad situation. You are behind on payments, you don’t have the money to reinstate, and the banks WON’T work with you and give a modification. To make matters worse, you owe more on your home than it is worth. You need to check with an accountant–you could not only lose your home but:

  1. Find that the bank is coming after you for the amount of of the loan not covered by the foreclosure sale price.
  2. Find that the IRS is coming after you for Capital Gains of 30% — that means you owe $30,000 for every $100,000 the bank loses.

We can help you work through this monumental problem to the best solution for your situation and goals.

 

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You owe more on your home than it is worth, what to do? If you really think about it, you may have been fighting with the bank to get a modification they may not be in your best interest. Actually, what are you trying negotiate?

What you are actually asking the bank to do is to buy your home for $400,000 when it is only worth $300,000. You are asking the bank to finance you on a new loan for $100,000 over the value of the home. We understand that our homes have sentimental values, memories, are comfortable and thus we we do not want to move. But if you consider short selling your home you get to walk away from extra debt, potential taxes, and the freedom of the pressures from an ever-looming foreclosure.

 

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If you pursue a short sale, you “Get out of Jail Free” of debt, of more bad credit, and the limitation of not buying a home for the next seven years. With a short sale, you avoid all this and can begin a-fresh in a new home, perhaps one right next door for $100,000 less. Are memories or not moving worth $100,000. Wouldn’t you rather save that money and spend it on your child’s education? A family Vacation?

Why work an extra 10 hours per week to earn the money to pay that extra $100,000 profit to the bank. Better that time spent with family, better that you start a new life and create new memories in a brand new home a few years after your short sale. Don’t you think?

 

 

owemorehomeworth• Do you owe more than your home is worth?
• Can’t afford the mortgage payments?
• Can’t refinance?
• Want to avoid foreclosure and/or bankruptcy?
• Want to save your credit?
• Wondering what your options are?

 

California has been inundated with people who cannot afford their mortgage payments, cannot refinance because their home value has dropped, and think that foreclosure is the only option. Foreclosure is not your only option. We have helped a number Californians just like you.

 

 

• Sell Your Property FastBENEFITS
• Avoid Foreclosure
• Save Your Credit
• Walk Away Without Mortgage Debt
• No Worries of IRS Issues
• You Pay Us Absolutely Nothing!!

 

 

Your lender is out to maximize profits. They do that through foreclosure and short sales. Sadly, they don’t like to modify your loan, but you can at least take advantage of the profit motivation that short sales provide and walk away from your negative equity. It is getting easier to solve your foreclosure issues as it is a good way for banks to get the property off of their books.

What is a
short sale?

 

A short sale occurs when a property is sold and the lender agrees to accept a
discounted payoff. This means that the lender will release the lien that is
secured to the property upon receipt of less money than is actually owed.

Example:
You have a mortgage of $400,000 but the home is only worth
$300,000. You are “short” $100,000 (not including fees, title/escrow,
commissions, etc.) The $100,000, plus fees and commissions are paid/absorbed by
the lender unless you sign a note agreeing to pay them!

Why will the
lender pay the fees and commissions?

 

The lender has not been receiving monthly payments on the $400,000 it has lent
you. It will take a few more months to foreclose on your home. That means a few
more months of the lender not receiving monthly payments and incurring other
holding costs. When they do finally take over your property, they will have to
pay the realtors a commission when they sell it. We are not only helping you
avoid foreclosure with the short sale, but also helping the lender by selling
the property several months before they typically would.

Tax Benefits

 

Normally, you would be taxed by the IRS for the amount “forgiven” by your
lender. Now, with the Mortgage Forgiveness Debt Relief Act, you may not owe the
IRS anything for the amount forgiven!

The Mortgage
Forgiveness Debt Relief Act of 2007

The Mortgage Forgiveness Debt Relief Act (H.R. 3648) is only applicable through
December 31, 2013. You need to act quickly in order to take advantage of this
opportunity!!

We have a sister company that is a full service real estate company that specializes in
California Short Sales. They are not accountants or lawyers, nor do we dispense
legal or tax advice. We strongly encourage you to discuss with your lawyer
and/or CPA the implications of doing a short sale. You can also go to the IRS
website (www.irs.gov)
to learn more.

The California real estate market has been hit hard with the latest downturn. We
are San Diego Short Sale specialists here to serve you. Please give us a call to
help you avoid foreclosure, save your credit, and provide the possibility of
walking away from your home with no mortgage debt or tax consequences from the
IRS.

If your property is in California and you would like to know how you could
benefit from a short sale, please give us a call for a free consultation.